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Retail businesses across Europe are keeping their stock levels low as they are reluctant to increase inventories, according to business leaders. "I think what you're seeing is lots of CEOs telling you that we don't think we're through [the tough times]," said Alan Middleton, head of the British management consultancy PA Consulting.

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Deloitte Touche Tohmatsu released a report that says retailers based in emerging markets will become a larger threat to global chains, such as Carrefour and Wal-Mart Stores, in 2010. The emerging-market retailers will turn up the competitive heat in their home markets as well as invest more in developed nations, the report said. Cia. Brasileira de Distribuicao Grupo Pao de Acucar, the largest retailer in Brazil, and others like it, "know the markets better", said Ira Kalish, author of the report. "They have better access to good suppliers and good properties."

A report on global retailing showed that the largest retailers all increased their sales in 2009, although many sacrificed margins to keep consumers spending. Britain's Tesco and Germany's Metro have swapped spots. "Many retailers 'bought' sales with heavy promotions which hit the bottom line hard. However, we are already seeing evidence that as economic recovery takes hold around the world, retailers should be able to return to a path of improving profitability," the report's author wrote.

While other Japanese retailers have suffered during the consumer spending slump, Fast Retailing, and its Uniqlo budget apparel stores in particular, have fared well. The retailer raised its full-year outlook late last week.

NRF's Sarah Rand says that the group's annual convention, Retail's BIG Show, has attracted international attendees from more than 60 countries this year. "Wandering around the International Lounge in between sessions, [it's] easy to hear the diversity of attendees in the conversations flowing around the room," Rand writes.

Germany's Otto Group, the world's second-biggest e-commerce company behind Amazon.com, posted annual sales of €10 billion. The company said sales over the holiday season were strong domestically, although its international operations suffered because of the economic downturn. "Holiday season sales went very well in Germany despite the difficult economic environment," according to a company spokesman.